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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Wireless Grp | LSE:WLG | London | Ordinary Share | GB00BDGT1X16 | ORD 7P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 310.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMUTV UTV Media plc ("UTV" or "the Group") Interim Results for the six months ended 30 June 2015 Financial highlights * * Group revenue of GBP58.3m (2014: GBP57.8m) * Pre-tax profit of GBP1.0m (2014: GBP10.0m) * Group operating profit of GBP2.7m (2014: GBP11.2m) * Net debt of GBP46.9m (2014: GBP43.5m) * Diluted adjusted earnings per share of (0.55)p (2014: 8.28p) * Proposed interim dividend of 1.82p (2014: 1.82p) Operational highlights * Radio GB - 2014 World Cup impact softened by strong core trading performance * Continued strong audience performance across established radio and television businesses * Board has approved programming and marketing action plan for UTV Ireland * As appropriate, references to profit include income from joint ventures and associates Richard Huntingford, Chairman, UTV Media plc, said: "The challenges of establishing a new television channel are evident in these results which reflect the significant losses incurred by UTV Ireland in its first six months on air. Less evident, but not to be lost sight of, is the inherent value created by the establishment of a mainstream television channel in Europe's fastest growing economy, with long term licensing, programme supply and infrastructure in place." For further information contact: Enquiries Orla McKibbin, Director of +44 (0) 28 9026 2188 / +44 (0) Communications 7879 666 427 www.utvmedia.com/investors Maitland +44 (0) 20 7379 5151 James Devas Chairman's Statement Introduction The challenges of establishing a new television channel are evident in these results which reflect the significant losses incurred by UTV Ireland in its first six months on air. Less evident, but not to be lost sight of, is the inherent value created by the establishment of a mainstream television channel in Europe's fastest growing economy, with long term licensing, programme supply and infrastructure in place. Results and Dividend * Group operating profit was GBP2.7m (2014: GBP11.2m) on group revenue of GBP58.3m (2014: GBP57.8m). A reduction in the net interest charge to GBP1.0m (2014: GBP 1.3m) was more than offset by a foreign exchange loss of GBP0.7m (2014: GBPNil) resulting in a group pre-tax profit of GBP1.0m (2014: GBP10.0m). Diluted adjusted earnings per share were (0.55)p (2014: 8.28p). The investment in UTV Ireland was well supported by the strong cash generation characteristics of the rest of the group. As a result, net debt increased by just GBP3.4m to GBP46.9m representing Net debt/EBITDA at 30 June 2015 of 3.40 times (30 June 2014: 1.72 times). The group agreed a relaxation with its bankers of its Net debt/EBITDA covenant from 3.50: 1 to 4.50: 1 for one year to 30 June 2016. The Board is proposing a dividend of 1.82p (2014: 1.82p). * As appropriate, references to profit include income from associates and joint venture. Television Turnover in our Northern Ireland television business was down by 2% in the first six months of the year, reflecting an 11% decrease in advertising revenue from Belfast. This decrease resulted from a significant cut in expenditure by government departments in the Northern Ireland Assembly. Incorporating the results of Tibus and Simply Zesty, operating profit in our Northern Ireland television business was GBP4.2m (2014: GBP4.9m). Turnover in our new television channel, UTV Ireland, fell below expectations as a result of a slower build in audience numbers. In the first six months, UTV Ireland's share of commercial impacts was 11.4%, compared to our original forecast of approximately 15%. Early teething issues, such as the re-tuning of domestic digital receivers, further compounded the problem of audience under-delivery, resulting in turnover for the first half being recorded at GBP 4.9m (2014: GBPNil). With costs of GBP12.4m (2014: GBP0.5m), in the first half, operating losses at UTV Ireland were GBP7.5m (2014: GBP0.5m), creating an overall operating loss in the television division of GBP3.3m (2014: operating profit of GBP 4.4m). Radio * Operating profit in our radio division was GBP0.9m lower at GBP7.9m on turnover of GBP34.6m (2014: GBP38.8m). Revenues in our GB radio division were down by GBP2.6m to GBP25.8m, with lower revenues at talkSPORT accounting for all of this. In a post World Cup year, and in the context of a national advertising market which was flat in the six month period, talkSPORT's 15% revenue decline was a creditable performance, while its cost base reduced by GBP2.1m. Our local radio stations experienced modest growth and held costs at the previous year's level. GB Radio operating profit, therefore, was down by only GBP0.5m to GBP5.8m. As previously reported, a strategic review of our local radio stations is being carried out with disposal terms in respect of one station, Juice FM in Liverpool, having been agreed. Subject to CMA approval the GBP10.0m cash proceeds of this disposal are expected to be received in Q4. The Irish radio advertising market failed to respond to the increasingly positive macroeconomic data and, in the first six months, was estimated by the advertising agencies to be down by about 4%. Significant currency headwinds compounded this leading to an overall reduction in our Irish radio advertising revenues of GBP1.5m to GBP8.8m. With compensating currency tailwinds in our operating cost base, Irish radio operating profit for the first half was GBP0.4m lower at GBP2.1m. * As appropriate, references to profit include income from associates and joint venture. Prospects We are experiencing good growth from both our London and Dublin offices and this is expected to generate growth in Northern Ireland television advertising revenue of 4% in the current quarter. However the budget impasse in the local assembly continues and this is expected to create a drag on our Northern Ireland television advertising revenue from Belfast in the third quarter. UTV Ireland's progress is closely linked to the performance of ITV network's programming, which is the mainstay of its output, and there are new series scheduled for the autumn which have been favourably commented upon. Alongside this, we are implementing an action plan which includes stronger domestic programming, more effective marketing and a better defined branding strategy. As we move through Q3, the tough World Cup comparator for talkSPORT falls away, with good growth forecast for both August and September. For the current quarter as a whole, talkSPORT's advertising revenue is expected to be up by 1%, with similar growth from our local radio stations. The poor performance of the Irish radio market relative to the economy continued on into July and August, with the strength of sterling exerting further downward pressure on our reported Irish radio revenues. However, advertising agencies are generally positive about the last four months of the year and we are forecasting growth of 3% in local currency for September which would result in a 5% reduction on the same basis for the third quarter as a whole. Richard Huntingford Chairman 28 August 2015 Group Income Statement for the six months ended 30 June 2015 Notes 30 June 30 June 2015 2014 GBP000 GBP000 Continuing operations Revenue 3 58,262 57,781 Operating costs (55,765) (46,731) ------- ------- Operating profit from continuing operations 2,497 11,050 before tax and finance costs Share of results of JVs and associates 185 142 accounted for using the equity method ------- ------- Profit from continuing operations before tax 3 2,682 11,192 and finance costs Finance revenue 22 26 Finance costs (1,021) (1,283) Foreign exchange (703) 27 (loss)/gain ------- ------- Profit from continuing 3 980 9,962 operations before tax Taxation (1,460) (1,970) ------- ------- (Loss)/profit from continuing operations (480) 7,992 after tax Discontinued operations Loss from discontinued - (61) operations ------- ------- (Loss)/profit for the (480) 7,931 period ------- ------ Attributable to: Equity holders of the (556) 7,855 parent Non-controlling 76 76 interest ------- ------- (480) 7,931 ------- ------ (Loss)/Earnings per 2015 2014 share Continuing operations Basic 6 (0.58)p 8.26p Diluted 6 (0.58)p 8.19p
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Adjusted 6 (0.55)p 8.35p Diluted adjusted 6 (0.55)p 8.28p Continuing and discontinued operations Basic 6 (0.58)p 8.20p Diluted 6 (0.58)p 8.13p Adjusted 6 (0.55)p 8.29p Diluted adjusted 6 (0.55)p 8.22p Group Statement of Comprehensive Income for the six months ended 30 June 2015 30 June 30 June 2015 2014 GBP000 GBP000 (Loss)/profit for the period (480) 7,931 ------- ------- Other comprehensive (loss)/income Items that will not be reclassified subsequently to profit or loss: Actuarial loss on defined benefit (2,223) (2,081) pension schemes Income tax relating to items that 445 416 will not be reclassified subsequently ------- ------- (1,778) (1,665) ------- ------- Items that may be reclassified subsequently to profit or loss: Cash flow hedges Gain arising during the period 293 - Less transfers to the income (17) - statement Exchange difference on translation of (3,874) (1,881) foreign operations Income tax relating to items that may (22) - be reclassified ------- ------- (3,620) (1,881) ------- ------- Other comprehensive loss for the (5,398) (3,546) period, net of tax ------- ------- Total comprehensive (loss)/income for (5,878) 4,385 the period, net of tax ------- ------- Attributable to: Equity holders of the parent (5,954) 4,309 Non-controlling interest 76 76 ------- ------- (5,878) 4,385 ------- ------- Group Balance Sheet for the six months ended 30 June 2015 30 30 31 June June December Notes 2015 2014 2014 GBP000 GBP000 GBP000 ASSETS Non-current assets Property, plant and equipment 7 17,546 12,487 17,360 Intangible assets 166,047 174,374 172,163 Investments accounted for using 864 890 900 the equity method Deferred tax asset 1,691 1,818 1,531 ------- ------- ------- 186,148 189,569 191,594 ------- ------- ------- Current assets Inventories 1,591 785 2,390 Trade and other receivables 21,567 22,298 23,502 Financial assets 8 376 375 275 Cash and short term deposits 12,832 13,906 12,886 ------- ------- ------- 36,366 37,364 39,053 ------- ------- ------- TOTAL ASSETS 222,514 226,933 231,007 ------- ------- ------- EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Equity share capital 55,557 55,557 55,557 Capital redemption reserve 50 50 50 Treasury shares (104) - (104) Foreign currency reserve (303) 5,069 3,571 Cash flow hedge reserve 276 - - Retained earnings 38,038 39,336 45,428 ------- ------- ------- 93,514 100,012 104,502 Non-controlling interest 129 85 53 ------- ------- ------- TOTAL EQUITY 93,643 100,097 104,555 ------- ------- ------- Non-current liabilities Financial liabilities 8 56,437 53,594 55,399 Pension liability 9 3,229 4,241 1,971 Provisions 622 413 372 Deferred tax liabilities 32,979 34,518 34,266 ------- ------- ------- 93,267 92,766 92,008 ------- ------- ------- Current liabilities Trade and other payables 29,766 27,291 28,058 Financial liabilities 8 3,335 3,790 3,668 Tax payable 1,829 2,313 1,909 Provisions 674 676 809 ------- ------- ------- 35,604 34,070 34,444 ------- ------- ------- TOTAL LIABILITIES 128,871 126,836 126,452 ------- ------- ------- TOTAL EQUITY AND LIABILITIES 222,514 226,933 231,007 ------- ------- ------- Group Cash Flow for the six months ended 30 June 2015 30 June 30 June 2015 2014 GBP000 GBP000 Operating activities Profit before tax (i) 980 9,851 Adjustments to reconcile profit before tax to net cash flows from operating activities Foreign exchange loss/(gain) 703 (27) Net finance costs 999 1,257 Share of results of associates (185) (142) and joint ventures Depreciation of property, plant 1,514 971 and equipment Gain from sale of property, (1) - plant and equipment Share based payments 171 175 Difference between pension contributions paid and (1,038) (2,530) amounts recognised in the income statement Decrease in inventories 799 973 Decrease in trade and other 1,286 228 receivables Decrease in trade and other (2,830) (1,169) payables Increase/(decrease) in 115 (22) provisions ------- ------- Cash generated from operations 2,513 9,565 Tax paid (1,241) (729) ------- ------- Net cash inflow from operating 1,272 8,836 activities ------- ------- Investing activities Interest received 24 26 Proceeds on disposal of 1 1 property, plant and equipment Purchase of property, plant and (2,167) (1,893) equipment Income received from associates 221 75 and joint ventures Proceeds from the disposal of 175 300 discontinued operations ------- ------- Net cash flows from investing (1,746) (1,491) activities ------- ------- Financing activities Borrowing costs (1,084) (1,078) Acquisition of treasury shares - (402) Dividends paid to equity (4) (3) shareholders Dividends paid to - (97) non-controlling interests Repayment of borrowings (1,939) (2,000) Proceeds from borrowings 3,582 - ------- ------- Net cash flows used in financing 555 (3,580) activities ------- -------
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Net increase in cash and cash 81 3,765 equivalents Net foreign exchange differences (135) (44) Cash and cash equivalents at 1 12,886 10,185 January ------- ------- Cash and cash equivalents at 30 12,832 13,906 June ------- ------- (i) Includes both continuing and discontinued operations Group Statement of Changes in Equity for the six months ended 30 June 2015 Equity Capital Treasury Foreign Cashflow Retained Share Non- share redemption shares currency hedge earnings holder controlling Total capital reserve reserve reserve equity interest GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1 January 55,557 50 (123) 6,950 - 38,531 100,965 106 101,071 2014 ------ ------- ------- ------- ------- ------- ------- ------- ------- Profit for - - - - - 7,855 7,855 76 7,931 the period Other comprehensive - - - (1,881) - (1,665) (3,546) - (3,546) income in the period ------ ------ ------- ------- ------- ------- ------- ------- ------- Total net comprehensive - - - (1,881) - 6,190 4,309 76 4,385 income in the period Acquisition of treasury - - (402) - - - (402) - (402) shares Treasury - - 525 - - (525) - - - shares issued Share based - - - - - 175 175 - 175 payment Equity dividends - - - - - (5,035) (5,035) (97) (5,132) paid and payable ------ ------- ------- ------- ------- ------- ------- ------- ------- At 30 June 55,557 50 - 5,069 - 39,336 100,012 85 100,097 2014 ------ ------- ------- ------- ------- ------- ------- ------- ------- Profit for - - - - - 5,788 5,788 81 5,869 the period Other comprehensive - - - (1,498) - 1,921 423 - 423 income/(loss) in the period ------ ------ ------- ------- ------- ------- ------- ------- ------- Total net comprehensive - - - (1,498) - 7,709 6,211 81 6,292 income in the period Acquisition of treasury (104) - - - (104) - (104) shares Share based - - - - - 128 128 - 128 payment Equity dividends - - - - - (1,745) (1,745) (113) (1,858) paid ------ ------- ------- ------- ------- ------- ------- ------- ------- At 31 55,557 50 (104) 3,571 - 45,428 104,502 53 104,555 December 2014 ------ ------- ------- ------- ------- ------- ------- ------- ------- (Loss)/profit for the - - - - - (556) (556) 76 (480) period Other comprehensive - - - (3,874) 276 (1,800) (5,398) - (5,398) (loss)/income in the period ------ ------- ------- ------- ------- ------- ------- ------- ------- Total net comprehensive - - - (3,874) 276 (2,356) (5,954) 76 (5,878) (loss)/income in the period Share based - - - - - 171 171 - 171 payment Equity dividends - - - - - (5,205) (5,205) - (5,205) paid and payable ------ ------- ------- ------- ------- ------- ------- ------- ------- At 30 June 55,557 50 (104) (303) 276 38,038 93,514 129 93,643 2015 ------ ------- ------- ------- ------- ------- ------- ------- ------- Notes to the accounts 1. Basis of preparation The condensed interim financial statements have been prepared in accordance with IAS34 "Interim Financial Reporting" and the Disclosure and Transparency Rules of the Financial Conduct Authority. In addition, the interim condensed financial statements have been prepared on a basis consistent with the accounting policies set out in the Group's Annual Report and Accounts for the year ended 31 December 2014. A number of New European Union endorsed amendments to existing standards are effective for periods beginning on or after 1 January 2015. However, none of these have a material, if any, impact on the annual or condensed interim financial statements of the Group in 2015. These interim statements have been prepared on a going concern basis as the directors, having considered available relevant information, have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The interim results are unaudited but have been formally reviewed by the auditors and their report to the Company is set out at the end of this Interim Report. The information shown for the year ended 31 December 2014 does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and has been extracted from the Group's 2014 Annual Report, which has been filed with the Registrar of Companies. The report of the auditors on the accounts contained within the Group's 2014 Annual Report was unqualified and did not contain a statement under either Section 498(2) or Section 498(3) of the Companies Act 2006 regarding inadequate accounting records or a failure to obtain necessary information and explanations. 2. Seasonality and cyclicality The established businesses historically have had no significant seasonality or cyclicality affecting the interim results of the operations. However, the launch of UTV Ireland in January 2015 has had a significant impact on the seasonality and cyclicality of the Group. The Board have agreed upon and implemented an action plan to improve the performance of UTV Ireland in order to reduce this impact and as such remains confident that UTV Ireland will create long-term strategic value for shareholders. 3. Segmental information The Group operates in three principal areas of activity - radio in GB, radio in Ireland and commercial television. These three principal areas of activity also form the basis on which the Group is managed and reports are provided to the Chief Executive and the Board. Revenue Six months ended 30 June 2015 Radio GB Radio Ireland Television Total GBP000 GBP000 GBP000 GBP000 Sales to third parties 25,839 8,814 23,609 58,262 Intersegmental sales 344 678 932 1,954 ------- ------- ------- ------- 26,183 9,492 24,541 60,216 ------- ------- ------- ------- Six months ended 30 June 2014 Radio GB Radio Ireland Television Total GBP000 GBP000 GBP000 GBP000 Sales to third parties 28,485 10,287 19,009 57,781 Intersegmental sales 289 586 1,493 2,368 ------- ------- ------- ------- 28,774 10,873 20,502 60,149 ------- ------- ------- ------- Results Six months ended 30 June 2015 Radio Radio Television Total GB Ireland GBP000 GBP000 GBP000 GBP000 Segment operating profit/(loss) 5,573 2,128 (3,295) 4,406 ------- ------- ------- Central costs (1,909) Income from Joint Ventures and 185 Associates ------- Profit before tax and finance 2,682 costs Net finance cost (999) Foreign exchange loss (703) ------- Profit before taxation 980 ------- Six months ended 30 June 2014 Radio Radio Television Total GB Ireland GBP000 GBP000 GBP000 GBP000 Segment operating profit 6,112 2,533 4,376 13,021 ------- ------- ------- Central costs (1,971) Income from Joint Ventures and 142 Associates ------- Profit before tax and finance 11,192 costs
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Net finance cost (1,257) Foreign exchange gain 27 ------- Profit before taxation 9,962 ------- 4. Taxation In the budget in July 2015, it was proposed that corporation tax rates in the UK would be reduced to 19% in 2017 and 18% in 2020. As these have not yet been substantively enacted, deferred tax has been calculated at 20% within this Interim Report. If the proposed corporation tax rate changes were to be fully approved, the relevant deferred tax assets and liabilities would be restated accordingly resulting in a net exceptional credit of approximately GBP1,780,000. 5. Dividends 30 June 30 June 2015 2014 GBP000 GBP000 Equity dividends on ordinary shares Declared at the AGM during the period Final for 2014: 5.43p (2013: 5.25p) 5,205 5,035 ------- ------- Proposed but not recognised as a liability at 30 June Interim for 2015: 1.82p (2014: 1.82p) 1,744 1,745 ------- ------- The final dividend for 2014 was paid on 15 July 2015 (2013: 15 July 2014). 6. Earnings per share Basic earnings per share are calculated based on the profit for the financial period attributable to equity holders of the parent and on the weighted average number of shares in issue during the period. Adjusted earnings per share are calculated based on the profit for the financial period attributable to equity holders of the parent adjusted for the impact of net finance costs under IAS 19 "Employee Benefits (Revised)". This calculation uses the weighted average number of shares in issue during the year. Diluted earnings per share are calculated based on profit for the financial period attributable to equity holders of the parent. Diluted adjusted earnings per share are calculated based on profit for the financial period attributable to equity holders of the parent before the impact of net finance costs under IAS 19 "Employee Benefits (Revised)". In each case the weighted average number of shares is adjusted to reflect the dilutive potential of the awards expected to be vested on the Long Term Incentive Schemes. The following reflects the income and share data used in the basic, adjusted, diluted and diluted adjusted earnings per share calculations: Net profit attributable to equity holders 30 June 2015 30 June 2014 Continuing Discontinued Total Continuing Discontinued Total Operations Operations Operations Operations GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Net (loss)/ profit (556) - (556) 7,916 (61) 7,855 attributable to equity holders Adjustments to net financing 28 - 28 93 - 93 costs ------ ------ ------ ------ ------ ------ Total adjusted and diluted (loss)/profit (528) - (528) 8,009 (61) 7,948 attributable to equity holders ------- ------- ------- ------- ------- ------- Weighted average number of shares 2015 2014 thousands thousands Shares in 95,903 95,903 issue Weighted average number of (53) (29) treasury shares ------- ------- Weighted average number of shares for basic and 95,850 95,874 adjusted earnings per share (excluding treasury shares) Effect of dilution of the 238 824 Long Term Incentive Plan ------- ------- 96,088 96,698 ------- ------- Earnings per share 2015 2014 From continuing operations Basic (0.58)p 8.26p ------- ------- Diluted (0.58)p 8.19p ------- ------- Adjusted (0.55)p 8.35p ------- ------- Diluted adjusted (0.55)p 8.28p ------- ------- From continuing and discontinued operations Basic (0.58)p 8.20p ------- ------- Diluted (0.58)p 8.13p ------- ------- Adjusted (0.55)p 8.29p ------- ------- Diluted (0.55)p 8.22p adjusted ------- ------- From discontinued operations Basic - (0.06)p ------- ------- Diluted - (0.06)p ------- ------- Adjusted - (0.06)p ------- ------- Diluted - (0.06)p adjusted ------- ------- 7. Property, plant and equipment During the period the Group incurred GBP2,020,000 (2014: GBP1,627,000) of capital additions. At 30 June 2015 the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to GBP390,000 (2014: GBP Nil). 8. Financial instruments The Group's principal financial instruments comprise bank loans and cash and short-term deposits. The main purpose of these financial instruments is to raise finance for the Group's operations. The Group has various other financial assets and liabilities, such as trade receivables and trade payables, which arise directly from its operations. Contingent consideration arises in respect of the disposal of businesses. Set out below is a comparison by category of carrying amounts and fair values of the Group's financial assets and liabilities, excluding trade receivables and payables, that are carried in the financial statements. 30 June 2015 30 June 2014 31 December 2014 Carrying Fair Carrying Fair Carrying Fair amount value amount value amount value GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Financial assets Contingent 100 100 375 375 275 275 consideration Derivative 276 276 - - - - financial assets ------ ------ ------ ------ ------ ------ 376 376 375 375 275 275 ------- ------- ------- ------- ------- ------- Financial liabilities Interest-bearing loans and 59,772 59,772 57,384 57,384 59,067 59,067 borrowings ------- ------- ------- ------- ------- ------- The Group uses the following hierarchy as set out in IFRS 7 "Financial Instruments: Disclosures" and IFRS 13 "Fair Value measurement" for determining and disclosing the fair value of financial instruments by valuation technique: * Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; * Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and, * Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. With the exception of the contingent consideration receivable, which is considered as falling within level 3, the Group's other financial assets and liabilities are considered as falling within level 2 of this hierarchy. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation at the end of each reporting period. There have been no transfers between level 1, 2 or 3 of the hierarchy or changes in valuation techniques during the current period or in the previous years. Management have assessed that the fair value of cash and cash equivalents, trade and other receivables and trade and other payables approximate to their carrying amounts largely due to the short-term maturities of these instruments. The fair value of interest bearing loans and borrowings are also
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